Again, math illiteracy is displayed by our Rent Board commissioners. When the year-over-year inflation rate is 10.8% (as reported just this morning on NPR), a 6.4% increase will cause housing providers to fall exponentially behind the inflation rate. In fact, the allowable annual rent increases for over two-thirds of the entire history of rent control in Santa Monica have been below the inflation rate. That is the actual math.
Ironically, the Rent Control Board has arbitrarily increased its tax on housing providers 15.2%. How is such a greater-than-inflation-rate justified?
Jan Ludwinski, Santa Monica